Segmentation And Target Market Analysis

3. Market segmentation is a marketing strategy that involves dividing a broad target market into subsets of consumers who have common needs, and then designing and implementing strategies to target them using media channels and other touchpoints that are best to

In order to market the product into the market successfully, marketers need to have some marketing strategy to enter the desired market and make profit. Market segmentation is the process of dividing a market into subsets of consumers with common needs or characteristics (Schiffman et al., 2011). Understanding the market size and segmentation is valuable, but the keys to effective targeting is to know just how valuable specific consumer groups are, and being able to quantify the impact of consumer trends ( Berry, 1999).

Market segmentation is a marketing strategy that involves dividing a broad target market into subsets of consumers who have common needs and applications

What is Market Segmentation? According to Investopedia (n.d), market segmentation is a term used in marketing that refers to the aggregating of a potential buyer into groups, or segments, that share common needs and would respond similarly to a particular action in marketing. By utilizing market segmentation it enables Victoria’s Secret to target different categories of consumers who recognize the full value of certain products and services differently from one another. Furthermore, market segmentation is an extension of market research for the purposes of identifying targeted groups of consumers in order to tailor products and branding in a way that it is attractive to that group. There are three general criteria used to identify different market segments: homogeneity, distinction and reaction (Investopedia, n.d).

In business marketing, market segmentation and targeting specific markets aids organizations by reducing the risks involved in decisions of how, where, when, and with whom the brand, product, or service will be advertised, directed, or promoted to. Positioning the product or service to the accurate target while controlling the marketing budget are tactics used by marketing professionals to assure reaching the largest target group and controlling costs (Boundless, 2014). Attracting the right customer is the ultimate objective of targeting specific markets by directing the research and efforts in a manner

As every customer has unique needs and expectations towards certain products, the ultimate goal of market segmentation is to organize customers into groups which allows targeting of customers with similar needs of and response to the products. The key is to minimize differentiation within each segment

Similarly (Tynan and Drayton, 1987) states that the aim of market segmentation is to identify market segments, or individual sets of customers, which would form targets for the company’s future marketing plans. The elements used to separate customers into segments can include: age, gender, occupation, income, life stage, amongst others.

Market segmentation is the process to divide the total market into groups or segments. Each group consists of people with relatively similar product needs. The purpose of the market segmentation is to enable us to design a marketing mix that can more precisely match the needs of customers in the selected market segment, to concentrate the marketing energy and to establish a competitive advantage.

Customers from various existing markets differ from what they needs and wants, behaviors, and locations. With market segmentation, organizations are able to divide the large number of market to smaller and specified segments, thus it can be approached more effective and efficient with the targeted products that are matched to their particular demands (Kotler, 2010).

Segmentation consists on dividing the market into distinct group reflecting different target with homogeneous needs, characteristic or behavior (Armstrong and Kotler, 2005). Before opting for a segmentation strategy it is crucial to consider the attractiveness of the segment, its homogeneity and stability, as well as the accessibility of the target group.

According to Kotler and Keller (2012) Psychographic segmentation divides buyers into different groups based on psychological and personality traits, lifestyle, or values. The four groups with the highest resources are innovators, thinkers, achievers, and experiencers. The four groups with the lower resources are believers, strivers, makers, and survivors (Kotler & Keller, 2012). Given Coca-Cola’s long and storied history, individuals comprising the believers and survivors groups are exceptionally strong psychological groups for the company given the historical strength and customer loyalty these consumers have with the company. Somewhat in contrast, consumers fitting into the higher resource groups like innovators and high achievers are much more likely to be attracted niche alternatives. Coca-Cola has made several brand changes to better position the company in these higher-priced markets, which plays well to experiencers willing to try new products and thinkers

Market segmentation is an approach used by a company to select their target market and provide data for a marketing plan. “Market segmentation consist of a two-step process; naming broad product markets and segmenting these broad products-markets in order to select target markets and develop suitable marketing mixes” (Perreault, Cannon, & McCarthy, 2014, p.97). There are 4 categories pertaining to market segmentation; behavioral, geographic, demographic, and behavioral.

Market segmentation is a subsist of group of consumer who share a common needs in a market segmentation, where as those customer share similar character in a same segment. Segmentation is a most important necessary idea in marketing sector where as company vary widely in their skills to serve various kinds of consumers. Therefore, instead of making attempts to contend in an complete market, firms should segment the market. Through the method of market segmentation, organisation can established this elements where as they can will identify serve best.

What are the weaknesses of mass marketing, as opposed to segmented marketing? What advantages does a company gain from market segmentation, as opposed to treating the market as single entity?

The above demonstrated Farmer’s Fridge log has been renovated to reflect a more modern, culturally stimulating and reflecting the country of the Philippines. The logo consists of a mango like shape in the back drop which also represents the sun. This decision is based off of one of the Philippines most popular fruits, the mango. The reference to the sun derives from the country’s flag which has a sun with eight rays shooting off that reflect the countries eight provinces. The updated company’s logo also incorporates the yellows and greens used within the original logo; but are focused on being more vibrant and unified within the images and letters. The incorporation of the palm trees within the wave represent the tropical climate the Philippines is known for. Lastly, the fork that is merged from the wave displays the conveniences and provided utensils that are included in your healthy eating alternative experience when you purchase products from our kiosks; ultimately, making the experience come equipped with everything you need and providing efficiency. Below you can find the Philippines flag and the second image illustrates Farmer’s Fridge original United States based logo – commonly indicative of a domestically Midwestern background.